Home addition planning can be exciting when you’re fully aware of the potential hidden costs, allowing you to keep your eyes on the prize. We’ll help you understand what to expect as you plan out your home addition!
Hidden Costs You May Incur
You’re probably so excited to have your teens or even in-laws enjoying their own very separate space from you and your spouse, right? We don’t blame you! But with your focus on the end goal, we want to keep you aware of what costs you should expect before, during, and after your reno.
Insurance. Once your amazing new space is all done your home insurance premium will likely go up; more space means more to insure. It’s totally normal and rather than be surprised later on, give your home insurance rep a call once you have plans approved by your city to talk through what changes you should expect.
Taxes. You may also see an increase in your property value which means property taxes will be assessed accordingly. Talk to your town officials and your architect team to get a full understanding of what your specific costs should be.
Permits. Before starting your home addition, planning for the cost of permits for construction, electrical, and plumbing, if you’re adding a bathroom for example, and can vary widely from town to town. To find out the exact costs, work with your project manager and your city to get those final numbers.
Damage. One surprise cost we’ve seen many homeowners disappointed to find are some of the most buried and hard to detect – the cost of preexisting damage. Your home could have wood rot, an old leak wreaking havoc on both pipes and the interior of your walls, there could be mold or mildew, etc. It’s not terribly uncommon to unearth something during construction. So, if you want to be careful, your team can do a thorough inspection of your home before breaking down walls to help you plan your budget accordingly.
Flex Space That Works for Everyone
Like most homeowners, you’re hoping to add on space that can serve several purposes. You can accomplish this through a number of ways.
- Bump outs. If you already have a great space and you just need a little extra flexible square footage, plan a bump-out addition. For those who appreciate unique rooflines and the feeling of luxurious space for a fraction of the price, this is a great option for you.
- Dormers. More headspace means more opportunities to add-on bedrooms or simply wide-open rooms that can accommodate “hang out” areas. What teen doesn’t love to hang out?? Design a family room, workspace, or extended-stay experience for out of town family members.
- Patio turned Parlor. Take your existing patio and enclose it; turning this space into an open living area allows your teens to get use out of it now and the in-laws to make use of it later.
- Basements. If you have an unfinished basement the good news is you have a renovation project just waiting for you to get started! Even better, you don’t need to frame out a ton of walls. This space begs to stay wide open, letting in as much light as possible. Get creative with a satellite kitchen and use wall color or movable walls to designate spaces like dining, living, laundry, etc. Be sure to have a dedicated area for sleep and of course a bathroom, but the rest is about open flow and creative design.
Now you’re ready to start planning for your home addition with creative solutions for your particular home. You’re aware of the possible hidden costs and can avoid the heartache that we’ve seen so many times. Lastly, though, we highly recommend you don’t undertake this project alone. Work with professionals who always have an eye on budget and timeline with years of experience knowing what to look for under their belt.